What is the COVID-19 Loan Moratorium Calculator

Covid-19 loan moratorium calculator is an online tool that helps borrowers to decide the additional interest they need to pay if they opt for the Covid-19 loan benefit.

What is Covid-19 Loan Moratorium Calculator?

• It’s an online tool to determine the additional interest that needs to be paid if one wants to opt for the Covid-19 moratorium benefits for your home, personal, business, education, etc.
• You have to enter the requisite details and results will be immediately provided.
• The calculator cannot be used for your credit card bills. 
• In case you wish to get the benefit for your credit card dues, then you need to contact the bank directly.
• Online option is not available for credit cards.

How to use the Covid-19 Loan Moratorium Calculator?

There are two ways to use the Covid-19 loan moratorium calculator. However, this option is not available for the calculation of interest accrued on the credit card moratorium.

Option 1 – Principal Amount and Loan Interest Rate is known

• Key in the principal amount on your outstanding loan
• Enter the rate of interest on the above loan
• Click the “Calculate” option to determine the additional interest that needs to be paid for 1/2/3 months moratorium period

Option 2 – Principal Amount is not known

• Key in your original loan amount sanctioned by the lender
• Key in the original tenure of the above loan
• Key in the rate of interest on the above loan
• Key in the start date of the first EMI paid on such loan
• Click the “Calculate” option to determine the principal outstanding amount on your loan and the additional interest charge to be paid for 1/2/3 months moratorium period

Points to Remember: 

Covid-19 loan moratorium is optional

One can opt for the six-month moratorium period or a shorter period by intimating the concerned lender.